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The Fokker Chronicles



World Markets:
Europe was trading lower ahead of the US open lead by the DAX that lost 0.60%. The Japanese Nikkei gave back some ground today losing a half of a percent. The Hang Seng closed down around unchanged for its session.


Lookout for the Leading Indicators data at 10amEDT. On Wednesday, Greenspan is set to speak before Congress' Joint Economic Committee. Earnings highlights are slim after the bell however tomorrow morning lookout for Altria(MO:NYSE), Bank One(ONE:NYSE), Charles Schwab(SCH:NYSE), General Motors(GM:NYSE), and Pfizer(PFE:NYSE).

Brokerage Chatter:
Banc of America downgraded HCA Inc(HCA:NYSE) and Triad Hospitals(TRI:NYSE) to neutral from buy and cut HCA's price target to $42 from $52. Prudential downgraded Nokia(NOK:NYSE) to underweight from overweight. JP Morgan, UBS and Morgan Stanley joined the Nokia downgrade parade as well following a 30% drop in valuation over the past two weeks. Prudential downgraded Anadarko Petro(ADP:NYSE) to neutral-weight from overweight. EchoStar(DISH:NASD) had its estimates raised at Schwab SoundView. Banc of America cut Federated(FD:NYSE) to neutral from buy. JP Morgan added Oracle(ORCL:NADS) to its Focus List. Deutsche Bank upgraded Advanced Micro Devices(AMD:NYSE) to buy from hold.

Financial Headlines:
Stories :
Bloomberg newswires report that McDonald's(MCD:NYSE) Chairman and CEO has passed away this morning of an apparent heart attack.

A Boeing(BA:NYSE)-made unmanned robotic plane successfully dropped a 250lb bomb on its target yesterday marking the first preprogrammed and satellite based GPS bomber of its kind. Boeing hopes to eventually construct hundreds of the X-45 planes, yielding a price tag of $10 million to $15 million each.

According to the Wall Street Journal, Northrop Grumman(NOC:NYSE) had hid accounting irregularities during the late 1980's.

Ahead of its earnings report this week, Viacom's (VIA:NYSE) Redstone speaking at a conference this weekend in Barcelona, Spain said they will report its best year yet in 2004. Bloomberg news cited Redstone as saying, "Stay tuned for our first-quarter results next week, and you'll see."


3M Company(MMM:NYSE) beat by $0.03 and guided its 2nd quarter above consensus.
Wachovia(WB:NYSE) beat by $0.08.
Fannie Mae(FNM:NYSE) topped EPS but added that its 2nd quarter portfolio growth will slow.
Eli Lilly(LLY:NYSE) beat by $0.04.

Around the world in 80 ticks:

Reuters reports that British police have detained 10 people suspected of planning terrorist acts in the UK. The anti-terror raids today coincidentally follow an interview given to a Portuguese newspaper by a radial Islamic cleric who claimed a "big operation" was being planned and is inevitable in Britain.

The New York Times reports that U.S. administrator in Iraq, Paul Bremer said Iraqi forces would not be ready by June 30th. The comments come amidst Bremer coming under increasing pressure for a quick end to Iraqi uprisings.

According to the USA Today, NORAD conducted simulated terrorist attacks two years prior to 9/11 that imitated the possibilities of hijacked airliners being used as weapons to crash into targets causing massive casualties.

Have a great day.


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